As a seasoned analyst with years of experience navigating the volatile cryptocurrency market, I see the XRP price currently facing resistance at key levels. The struggle to break above $0.5350 and $0.5480 is reminiscent of a marathon runner hitting the wall, but we must push forward.
The value of XRP held steadily above the $0.50 mark. It’s bouncing back now, but needs to surpass the resistance at $0.5480 in order to initiate a significant growth spurt.
- XRP price is struggling to gain pace for a move above the $0.5350 zone.
The price is now trading below $0.5320 and the 100-hourly Simple Moving Average.
There was a break above a key bearish trend line with resistance at $0.5280 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could decline again if it fails to clear $0.5320 and $0.5480.
XRP Price Faces Resistance
The price of XRP dipped further below $0.5350, similar to Bitcoin and Ethereum, marking a new drop. It has since revisited the potential support level at around $0.5020. A temporary low was established at $0.5021, and currently, there are signs of a potential recovery for XRP.
The price climbed slightly beyond the $0.520 mark, exceeding the 23.6% Fibonacci retracement level from the price swing high at $0.5626 to the low at $0.5021. It also broke above a significant bearish trendline, which previously offered resistance at around $0.5280 on the hourly chart of XRP/USD.
Nevertheless, it appears that the bears are being active around the $0.5320 and $0.5350 price points. Currently, the price is moving under $0.5350 and below the 100-hour Simple Moving Average. If the price increases, it might encounter resistance at the $0.5320 level.
As a researcher, I’ve identified a significant resistance point in my analysis. This resistance is approximately at the $0.5480 level or the 76.4% Fibonacci retracement level following the downward swing from the $0.5626 high to the $0.5021 low. The subsequent potential resistance could be found around $0.5550. If we observe a decisive break above this $0.5550 resistance, it might propel the price further upwards towards the $0.5620 resistance.
approaching the $0.5750 mark, further increases could push the value up to the nearby $0.5880 resistance or potentially as high as $0.600 over the short-term.
Another Decline?
Should XRP not manage to surpass the $0.5320 barrier, there’s a possibility of another dip. A potential floor for this decline might be around $0.5220. The subsequent significant support level lies at $0.5200.
If a drop occurs below $0.5200 and the closing price is less than that level, the price could potentially fall further to reach the nearby support at $0.5120. A more significant support can be found at $0.5020.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major Support Levels – $0.5200 and $0.5120.
Major Resistance Levels – $0.5320 and $0.5480.
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2024-09-09 07:16